Walker Lane Exploration Explores CBD

Walker Lane will acquire 55% of the outstanding CBDI shares and will retain administrative control of the combined companies.

Happi Staff10.02.19

Walker Lane Exploration, Inc has signed a preliminary agreement to acquire a majority stake in Cosmetics By Design, Inc., an emerging CBD cosmetics company. An Asset Purchase Agreement will give Walker Lane a 55% non-dilutive position. The agreement gives Walker Lane ten CBD cosmetic formulations. These CBD formulations are to be distributed through strategic partnerships with key cosmetics distributors. Additionally, WKLN has a two-year option to purchase twenty-five more cosmetic CBD formulations.

Walker Lane will acquire 55% of the outstanding CBDI shares and will retain administrative control of the combined companies. The board has also approved a $250,000 private placement associated with the CBD cosmetics acquisition, though the financing is not part of the terms of acquisition.

Phillip Allen will continue as CEO and chairman of Walker Lane, while Tony Panasuk will continue as CFO of Walker Lane and serve as CEO and CFO of CBDI.

"Our board of directors has taken the approach to diversify WKLN for our shareholders' benefit," said Allen. "We believe the CBD market for cosmetics applications may be very lucrative and believe Cosmetics By Design ten CBD cosmetic formulations will be well-received by the market."

Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies. You can obtain detailed information about the use of cookies on our website by clicking on "More information”.